Sunshine Loans Review

Sunshine loans logo

Sunshine Loans is a South African lender providing short-term loans to South Africans needing cash since December 2020. The company conducts its business online, eliminating the process of going into the offices to get approved for a loan.

Sunshine Loans provides loan amounts that are easily manageable, ranging between R500 and R4 000. The repayment process is simple and uncomplicated, ensuring borrowers can easily repay the loan without undue financial stress.

In this review, we’ll look closer at Sunshine Loans, including their eligibility criteria, the application process, loan terms, and customer reviews. We’ll also discuss the pros and cons of taking a short-term loan from Sunshine Loans.

Sunshine Loans at a Glance

Sunshine Loans at a Glance

  • Loan amount: R500 - R4 000
  • Loan term: 4 - 49 days
  • Interest rate: n/a
  • Initiation Fee: n/a
  • Monthly Service Fee: n/a

What You Should Know:

Sunshine Loans offer short-term flexible loans ranging from R500 to R4000 loans. These loans usually need to be repaid by the next month. The company uses DebiCheck to create a debit order for the loan on the borrower's payday.

Sunshine Loans also operates entirely over the internet. They use online platforms and tools to handle the various stages of their lending process. This means that customers can apply for loans, have their applications reviewed, and sign their loan contracts online without needing to visit a physical office or meet with a representative in person.

  • Offers loans to any South African resident since the company is entirely online.
  • Very quick with application approvals and loan payouts.
  • Sunshine Loans only offer loans up to R4000.
  • Only offers short-term loans, and their interest rates can be higher than other South African lenders.
Sushine Loans rating by Hellopeter
Sunshine loans rating mobile
Sunshine loans ratings mobile 2

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*Representative example: Estimated repayments of a loan of R30 000 over 36 months at a maximum interest rate, including fees of 27.5% APR would be R1 232.82 per month. BetterLoans is an online loan broker and not a lender. Our service is free, and we work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant’s credit score and other factors at the lender’s discretion. Loan amount R500 – R350 000. Repayment terms can range from 3 – 72 months. The minimum APR is 5%, and the maximum APR is 60%.

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How Sunshine Loans Stands Out?

Sunshine Loans stand out due to its speedy loan approval and payout. If a loan application is submitted within business hours, the borrower can expect a verdict on their application within 60 minutes. Sunshine Loans are open 7 days a week for loan processing and usually deposits the funds within one business day. Sunshine Loans do not solely rely on a credit check to determine the outcome of your loan application. Other factors like the borrower’s recent repayment history and employment record. This means that even if someone has a poor credit score, they may still be able to qualify for a loan from Sunshine Loans if they meet all the other criteria that the company is looking for.

Sunshine Loans Products 

Short-term Loans

Sunshine Loans provides quick access to short-term loans, with amounts ranging from R500 to R4 000. These loans are ideal for individuals who require immediate cash, and the whole process can be done online. The application process is quick and can be approved within minutes, with funds being transferred to the borrower’s account within one business day.

Sunshine loans types

Benefits of Taking a Loan from Sunshine Loans

With Sunshine Loans, the whole loan process is quick and hassle-free. The application takes a few minutes, only requiring basic information and is usually approved within minutes. The loan payment to your bank is usually received within one business day.

Sunshine Loans conduct all of its business online, which means it is unnecessary to travel to the offices to apply for a loan, making the loans accessible to anyone residing and working within South Africa.

Sunshine Loans Interest Rate and Fees

At Sunshine Loans, the interest rates for each loan agreement are subject to variation. The loan amount and the loan term determine the loan interest rate. You can use the loan calculator available on Sunshine Loan’s website to calculate your fees.

Sunshine Loans prioritises being transparent with its clients. The company clearly outlines all service fees, initiation fees and loan interest rates in the initial loan contract. This ensures that borrowers are not caught off guard by any unexpected expenses.

How To Qualify For Sunshine Loans

If you are looking to secure a loan from Sunshine Loans, there are several eligibility criteria that you must meet. Firstly, you must be at least 18 years old to qualify. This age requirement ensures that all borrowers can legally enter a financial agreement.

A South African ID document or driver’s license is usually also required to verify South African citizenship. Lastly, a crucial factor in securing a loan from Sunshine Loans is demonstrating a good employment history. You should have a consistent and steady income over the past few months. A stable employment history indicates to the lender that you have the financial means to repay the loan on time.

How to Apply for a Sunshine Loans Loan

The best way to apply to Sunshine loans is to use BetterLoans. In addition to Sunshine, we request loan offers from other top lenders. You can easily compare and choose the best loan offer.

Sunshine Loans provides a loan application portal on its website for individuals who want to apply for a loan. The portal requires basic information from new borrowers, such as their requested loan amount, identification details, and contact information.

This information is necessary for Sunshine Loans to process the loan application thoroughly and to contact the borrower if needed. Usually, these applications are processed within minutes.

How Long It Takes Sunshine Loans to Approve a Loan

Sunshine Loans processes loan applications during their business hours, typically the hours they are open and staffed. If a borrower submits their loan application during these business hours, they can expect to receive a decision on their application within just a few minutes.

Assuming the borrower’s loan application is approved, Sunshine Loans will send them a loan agreement to review. This agreement will outline the terms of the loan, such as the amount of money being borrowed, the interest rate, and the repayment schedule.

It’s crucial for borrowers to carefully review the loan agreement before signing it electronically, as they are legally bound to the terms once they do so. If the borrower agrees with the terms outlined in the loan agreement, they can sign it electronically and the loan funds will be disbursed to them.

Is Sunshine Loans a Trusted and Reliable Lend?

Sunshine Loans is a reliable lender registered by the National Credit Regulator (NCR) since 2020. The NCR is a regulatory body established under the National Credit Act 2005. It is responsible for regulating and overseeing the credit industry in South Africa.

Based on the reviews found on HelloPeter.com, Sunshine Loans has received mixed feedback, with two positive and three negative reviews. Therefore, the overall rating can be considered average.

It’s important to note that this rating is only based on the reviews posted on HelloPeter.com and may not reflect the opinions of all customers who have used Sunshine Loans’ services. Researching and gathering information from multiple sources is always a good idea before deciding on a lender.

Sunshine Loans Contact Details

Frequently Asked Questions (FAQs)

The application process is done entirely online at sunshineloans.co.za, and the applicant can expect an answer to their application within 60 minutes. 

No, the company is entirely online and does not have a branch to conduct business with clients.

The interest rate is calculated individually by considering the loan amount and repayment term. On the homepage, sunshineloans.co.za, any potential borrowers can determine what a loan would cost them.

Any South African resident older than 18 with a good recent employment history can get a loan from Sunshine Loans.

Sunshine Loans are open for loan funding 7 days a week from 8 am to 11 pm.

Foli Raheem
Foli Raheem

Foli has an MSc. Economics degree, and has been active in South Africa lending space for years. Whenever he is not writing, you will find him building websites.